London-based FX/CFDs broker operator HYCM Capital Markets (UK) Limited has published its annual financial results for 2022, ending on 31 December.
The company reported in its latest Companies House filing a turnover of £1.88 million. The number marks a 14% increase compared to the previous year.
According to the report, other operating income brought in £697,335 compared to £5,464 in the previous year.
However, operating profit plummeted 93% to £13,088 despite the revenue gain from 2021’s £198,050. The drop in profit can be traced in the 75.7% rise in administrative expenses which reached £2.57 million, compared to £1.46 million in 2021.
HYCM UK registered pre-tax profit of £13,243 in 2022 and £3,706 after taxes, compared to £196,185 net profit the previous year.
The Companies House filing said:
The company and Group had a pleasing year. The increase in turnover was supplemented by a one-off contribution from other income, which more than offset the increase in administrative expense, resulting in an increase in operating profit before the exchange difference. Administrative expenses were negatively impacted by the effect of exchange rate differences which resulted in an overall decrease in Group profit for the year.
Earlier in May, HYCM introduced commission-free investing in stocks on its MT5 platform with more than 1000 stocks at 1:1 leverage, allowing investors to buy fractional shares for as low as $10.
